Massive fines well in excess of 3 billion could be levied by the OFT if the cartel-buster sticks to its penalty rules.
It has the power to fine firms up to 10 per cent of their global turnover and the revenues of the 11 contractors quoted on the main exchange named in this morning’s report comes to more than 20 billion alone.
Balfour Beatty has the biggest with 7.5 billion – although it has said the OFT has granted leniency meaning a lower level fine – followed by Carillion’s 3.9 billion. The Carillion business under the spotlight is believed to be John Mowlem which it bought back in 2006.
Latest revenues at Renew, which has been named along with its Allenbuild and Bullock subsidiaries, are 348 million. In all, the turnover of those quoted firms named comes to 20.7 billion.
But the entire turnover of the all those firms listed by the OFT easily breaks the 30 billion barrier thanks to the number of major private contractors listed.
These include Bowmer & Kirkland whose latest turnover stands at 833 million, John Sisk which has a revenue of 243 million and Willmott Dixon which has a revenue in excess of 400 million.
Latest turnovers of those quoted firms named
|Balfour Beatty||7.5 billion|
|Galliford Try||1.4 billion|
|Henry Boot||124 million|
|Morgan Sindall||2.1 billion|
|North Midland Construction||211 million|
|Total: 20.7 billion|